>> HI.
I AM BRIAN SIMPSON, WITH
THE SOCIAL SECURITY
ADMINISTRATION.
THANKS FOR JOINING US TODAY.
DURING THIS WEBINAR, WE'LL
DISCUSS SOME THINGS YOU PROBABLY
DIDN'T EVEN KNOW ABOUT SOCIAL
SECURITY, LIKE HOW IT CAN HELP
YOU AT MANY DIFFERENT POINTS
THROUGHOUT YOUR LIFETIME, NOT
JUST AT RETIREMENT.
AS WE'LL EXPLAIN SHORTLY, SOCIAL
SECURITY HAS SERVED AS A
FINANCIAL SAFETY NET FOR
MILLIONS OF PEOPLE AND THEIR
FAMILIES DURING TIMES OF
PERSONAL HARDSHIP, TRANSITION,
AND UNCERTAINTY.
BUT, BEFORE WE GET STARTED,
LET'S GO OVER A FEW POINTERS
JUST TO BE SURE EVERYONE GETS
THE MOST OUT OF THIS WEBINAR.
IF YOU HAVE ANY QUESTIONS DURING
THE COURSE OF THIS WEBINAR, YOU
MAY SUBMIT THEM BY SIMPLY
CLICKING ON THE BUBBLE ABOVE MY
HEAD.
WE'LL GET TO AS MANY OF YOUR
QUESTIONS AS WE CAN AT THE END
OF THE PRESENTATION.
I ALSO ENCOURAGE YOU TO FILL OUT
OUR BRIEF SURVEY.
IT WILL HELP US SERVE YOU BETTER
IN FUTURE PRESENTATIONS.
YOU'LL FIND THE SURVEY AND LINKS
TO BROCHURES AND WEBSITES THAT I
WILL REFERENCE THROUGHOUT THIS
WEBINAR CONVENIENTLY LOCATED IN
THE LINKS SECTION.
JUST CLICK ON THE PAPERCLIP ICON
RIGHT ABOVE MY HEAD TO ACCESS
THE SURVEY AND THE LINKS.
NOW FIRST, RIGHT UP FRONT, I
WANT TO TALK TO YOU ABOUT A
QUESTION I GET WHENEVER I'M
OUT TALKING TO YOUNG PEOPLE
ACROSS THIS COUNTRY.
AND THAT IS, "WILL SOCIAL
SECURITY BE THERE FOR ME?"
THE ANSWER IS, YES, IT WILL.
BUT CHANGES WILL NEED TO BE MADE
IN THE PROGRAM.
FOR MORE THAN 75 YEARS NOW, THE
SOCIAL SECURITY PROGRAM HAS
TOUCHED THE LIVES OF NEARLY
EVERY AMERICAN, IN THIS COUNTRY
AND ABROAD.
WE RUN ONE OF THE NATION'S
LARGEST INSURANCE PROGRAMS.
EACH YEAR, 160 MILLION WORKERS
PAY INTO SOCIAL SECURITY, WHICH
IN TURN PAYS MONEY TO 53 MILLION
PEOPLE.
BUT IN THE LAST SEVERAL DECADES,
A COUPLE OF MAJOR THINGS HAVE
HAPPENED IN AMERICAN SOCIETY.
FIRST, PEOPLE ARE LIVING A LOT
LONGER THAN THEY USED TO.
THE AVERAGE MAN WHO REACHES AGE
65 CAN EXPECT TO LIVE UNTIL
ABOUT AGE 81.
THE AVERAGE 65-YEAR-OLD WOMAN
CAN EXPECT TO LIVE UNTIL AGE 85.
THIS MEANS THAT TODAY'S YOUNG
WORKERS LIKE YOU CAN EXPECT TO
SPEND ABOUT 20 YEARS IN
RETIREMENT.
WHAT'S MORE, PEOPLE ARE HAVING
FEWER CHILDREN THAN THEY DID IN
PAST GENERATIONS.
THE END OF WORLD WAR II PRODUCED
A LARGE SPIKE IN BIRTHS, FORMING
THE BABY BOOM GENERATION.
SINCE 1960, THE BIRTH RATE
HAS DECLINED IN A BIG WAY.
THIS MEANS THERE WILL BE FEWER
FUTURE WORKERS TO SUPPORT THE
EIGHTY MILLION BOOMERS WHO ARE
REACHING RETIREMENT AGE.
THE COMBINATION OF THE LARGE
BABY BOOMER GENERATION AND THE
INCREASED LIFE EXPECTANCY WILL
RESULT IN ALMOST 20% OF THE
POPULATION BEING OVER AGE 65 BY
THE YEAR 2035.
I WANT YOU TO KNOW THE PROGRAM
IS STILL STRONG AND WILL BE FOR
DECADES TO COME.
BUT IT'S NO SECRET THAT CHANGES
ARE NEEDED TO MAKE SURE IT
REMAINS STRONG, NOT ONLY FOR
YOU, BUT FOR YOUR CHILDREN,
GRANDCHILDREN, AND OF COURSE
FUTURE GENERATIONS.
ANY CHANGES TO SOCIAL SECURITY
WILL NEED TO BE WORKED OUT
BETWEEN CONGRESS AND THE
ADMINISTRATION.
SO NOW LET'S TAKE A CLOSER LOOK
AT HOW SOCIAL SECURITY WORKS,
AND HOW IT AFFECTS YOU.
REMEMBER THE DAY YOU GOT YOUR
FIRST PAYCHECK AND WHAT IT
ACTUALLY LOOKED LIKE?
WERE YOU SURPRISED TO SEE THOSE
DEDUCTIONS COME OUT FOR FEDERAL
AND STATE TAXES AND SOMETHING
CALLED FICA OR OASDI?
I KNOW I WAS!
IF YOU HAVEN'T STARTED TO WORK
YET, YOU'LL SEE WHAT WE MEAN
ONCE YOU DO.
NOW, IT'S IMPORTANT TO KNOW WHAT
FICA OR OASDI MEANS AND HOW IT
RELATES TO SOCIAL SECURITY.
YOU SEE, WHEN YOU WORK, YOU PAY
TAXES INTO SOCIAL SECURITY.
THESE TAXES ARE COLLECTED UNDER
THE FEDERAL INSURANCE
CONTRIBUTIONS ACT, OR FICA, FOR
SHORT.
OASDI IS JUST ANOTHER
ABBREVIATION FOR SOCIAL SECURITY
TAXES.
YOU MAY NOT HAVE REALIZED THIS
WHEN LOOKING AT YOUR PAY STUB,
BUT FICA ALSO REQUIRES YOUR
EMPLOYER TO MATCH WHAT YOU PAY,
AND CONTRIBUTE MONEY TO THE
SOCIAL SECURITY TRUST FUND.
SO WHAT DO WE MEAN BY THE TRUST
FUND?
WELL, WHEN WE TALK ABOUT THE
SOCIAL SECURITY TRUST FUND, WE
ARE REFERRING TO THE MONEY
RECEIVED FROM THE FICA TAX
DOLLARS.
85 CENTS OF EVERY SOCIAL
SECURITY TAX DOLLAR YOU PAY GOES
INTO A TRUST FUND THAT IS USED
TO PAY CURRENT RETIREES,
WIDOWS AND WIDOWERS, AND ANY
ELIGIBLE FAMILY MEMBERS OF
RETIREES AND OF WORKERS WHO HAVE
DIED.
THE OTHER 15 CENTS GOES INTO A
TRUST FUND THAT IS USED TO PAY
PEOPLE WITH DISABILITIES AND
THEIR ELIGIBLE FAMILY MEMBERS.
THE IMPORTANT THING TO REMEMBER
HERE IS THAT PEOPLE HAVE PAID
INTO THESE TRUST FUNDS, SO
THEY'VE EARNED THE MONEY THEY
GET WHEN THEY RETIRE OR BECOME
DISABLED OR WHEN THEY DIE AND
THEIR FAMILIES GET PAYMENTS FROM
THAT.
NOW, YOU ONLY PAY SOCIAL
SECURITY TAXES ON YOUR EARNINGS
UP TO A CERTAIN AMOUNT.
THAT AMOUNT GOES UP EACH YEAR TO
KEEP PACE WITH WAGES, WHICH
USUALLY GOES UP EVERY YEAR.
AT LEAST WE HOPE THEY DO, RIGHT?
IN 2011, THE MAXIMUM WAGES YOU
HAVE TO PAY TAXES ON IS
$106,800.
ANOTHER TAX YOU PAY AS YOU WORK
GOES TOWARDS MEDICARE.
MAYBE SOMEONE YOU KNOW IS ON
MEDICARE, LIKE YOUR PARENT OR
GRANDPARENT.
MEDICARE IS A HEALTH CARE
INSURANCE PROGRAM THAT HELPS
WITH DOCTORS AND HOSPITAL BILLS
WHEN YOU'RE RETIRED OR IF YOU
BECOME DISABLED.
SO, AS YOU SEE, FROM THE MINUTE
YOU START WORKING, A PORTION OF
YOUR WAGES GOES TOWARDS SOCIAL
SECURITY.
NOW, IT'S IMPORTANT TO
UNDERSTAND THE MONEY YOU PAY
INTO SOCIAL SECURITY TAXES IS
NOT HELD IN A PERSONAL ACCOUNT
FOR YOU TO USE WHEN YOU GET A
SOCIAL SECURITY CHECK.
YOUR TAXES ARE BEING USED RIGHT
NOW TO PAY PEOPLE WHO ARE
CURRENTLY GETTING SOCIAL
SECURITY PAYMENTS.
IN TURN, YOUR FUTURE SOCIAL
SECURITY PAYMENTS WILL BE PAID
FOR BY FUTURE WORKERS.
SO NOW YOU MAY BE ASKING
YOURSELF, HOW DO WE KEEP TRACK
OF WHAT YOU HAVE PAID INTO
SOCIAL SECURITY?
AND HOW DO WE DETERMINE WHAT
YOUR FUTURE SOCIAL SECURITY
PAYMENTS WILL BE?
NOW, YOU ARE ALL FAMILIAR WITH
YOUR SOCIAL SECURITY NUMBER.
YOU MAY HAVE USED IT TO APPLY
FOR COLLEGE, GET FINANCIAL AID,
APPLY FOR A JOB, OR OPEN A
CREDIT CARD.
WELL, OUR AGENCY IS RESPONSIBLE
FOR ASSIGNING SOCIAL SECURITY
NUMBERS AND ISSUING SOCIAL
SECURITY CARDS TO PEOPLE.
FOR MOST OF YOU, YOUR CONNECTION
WITH US STARTED AT BIRTH, WHICH
IS USUALLY WHEN SOCIAL SECURITY
NUMBERS GET REQUESTED AND
ASSIGNED.
NOW, FOR THOSE OF YOU WHO ARE
WORKING, YOU HAD TO GIVE YOUR
NUMBER TO YOUR EMPLOYER.
YOUR EMPLOYERS USE THAT
NUMBER TO REPORT YOUR EARNINGS
TO US.
WHEN THE TIME COMES, WE
CALCULATE YOUR SOCIAL SECURITY
PAYMENTS BASED ON YOUR EARNINGS.
SO YOU NEED TO BE SURE YOU
ALWAYS USE THE CORRECT SOCIAL
SECURITY NUMBER.
IT'S ALSO IMPORTANT TO NOTIFY
SOCIAL SECURITY IF YOU EVER
CHANGE YOUR NAME.
THAT HELPS US KEEP TRACK OF YOUR
EARNINGS.
WHILE WE ARE TALKING ABOUT
SOCIAL SECURITY NUMBERS, WE DO
WANT TO REMIND YOU OF THE
IMPORTANCE OF GUARDING YOUR
NUMBER CAREFULLY, TO PROTECT
YOURSELF AGAINST IDENTITY THEFT.
PUT YOUR SOCIAL SECURITY CARD
AWAY IN A SAFE PLACE.
DON'T CARRY IT WITH YOU!
IF YOU EVER THINK YOUR IDENTITY
HAS BEEN STOLEN, YOU SHOULD
CONTACT THE FEDERAL TRADE
COMMISSION.
THAT'S THE AGENCY THAT HANDLES
ID THEFT, NOT THE SOCIAL
SECURITY ADMINISTRATION.
IF YOU WANT TO KNOW MORE ABOUT
THIS, YOU CAN CHECK OUT OUR
BROCHURE CALLED, "IDENTITY THEFT
AND YOUR SOCIAL SECURITY
NUMBER."
YOU CAN FIND IT ON OUR WEBSITE,
SOCIALSECURITY.GOV.
AS WE'LL EXPLAIN A BIT MORE IN A
MINUTE, WE MAKE PAYMENTS TO
ELIGIBLE PEOPLE WHO HAVE BECOME
RETIRED, WIDOWED, DISABLED OR
NEED MEDICARE.
WELL, YOU MIGHT BE WONDERING
WHAT DO WE MEAN BY "ELIGIBLE"?
SEE, IN ORDER TO RECEIVE SOCIAL
SECURITY PAYMENTS, A PERSON MUST
HAVE EARNED ENOUGH CREDITS.
IN ORDER FOR YOU TO START
GETTING PAYMENTS LATER, YOU NEED
TO WORK FOR A CERTAIN AMOUNT OF
TIME TO EARN CREDITS.
THE AMOUNT OF CREDITS YOU NEED
TO QUALIFY FOR SOCIAL SECURITY
RETIREMENT IS THE SAME NO
MATTER WHERE YOU WORK.
WHETHER IT IS FOR A COMPANY, THE
GOVERNMENT, YOURSELF, THE
MILITARY, OR A NONPROFIT
ORGANIZATION, YOU STILL NEED 40
"CREDITS" TO QUALIFY.
WHEN YOU WORK AND PAY SOCIAL
SECURITY TAXES, YOU EARN UP TO A
MAXIMUM OF FOUR CREDITS FOR EACH
YEAR.
IN 2010, YOU HAD TO MAKE $1,120
TO EARN ONE CREDIT.
SO, IF YOU HAD INCOME OF $4,480
IN 2010, YOU WOULD EARN FOUR
CREDITS FOR THAT YEAR.
IN SOME CASES, YOU CAN QUALIFY
FOR SOCIAL SECURITY PAYMENTS
WITH FEWER THAN THE USUAL 40
CREDITS.
THE NUMBER OF CREDITS YOU NEED
DEPENDS ON YOUR AGE AND THE TYPE
OF SOCIAL SECURITY PAYMENTS
YOU'RE APPLYING FOR.
I KNOW WE ARE COVERING A LOT OF
INFORMATION HERE, SO JUST AS A
REMINDER, IF YOU HAVE ANY
QUESTIONS DURING THE COURSE OF
THIS WEBINAR, JUST CLICK THE
BUBBLE ABOVE MY HEAD AND SEND
THEM IN AT ANY POINT THROUGHOUT
THIS WEBINAR.
SO, BACK TO OUR TOPIC AT HAND!
MANY PEOPLE THINK OF SOCIAL
SECURITY AS JUST A RETIREMENT
PROGRAM.
IT IS TRUE THAT MOST OF THE
PEOPLE GETTING SOCIAL SECURITY
RECEIVE RETIREMENT PAYMENTS, BUT
MANY OTHERS BESIDES RETIREES,
INCLUDING YOUNG PEOPLE JUST LIKE
YOU, CAN GET SOCIAL SECURITY.
DID YOU KNOW YOUNG PEOPLE ARE
ALSO ELIGIBLE TO RECEIVE
SURVIVOR AND DISABILITY
PAYMENTS?
OF COURSE, WE ALL HOPE TO LIVE
LONG AND HEALTHY LIVES, BUT THE
TRUTH IS ABOUT ONE IN SEVEN OF
TODAY'S 20-YEAR-OLDS WILL DIE
BEFORE AGE 67.
EVERY SINGLE DAY, SOCIAL
SECURITY PAYS MONEY TO THE
SPOUSE OF A WORKER,
AND THEIR CHILDREN IF THE WORKER
DIES, EVEN YOUNG WORKERS LIKE
YOU.
ANOTHER WAY IN WHICH YOUNG
PEOPLE CAN QUALIFY FOR SOCIAL
SECURITY PAYMENTS, IS THROUGH
OUR DISABILITY PROGRAMS.
SOCIAL SECURITY HAS TWO TYPES OF
DISABILITY PROGRAMS, SOCIAL
SECURITY DISABILITY AND
SUPPLEMENTAL SECURITY INCOME, OR
SSI.
NOW, IT'S A FACT THAT ALMOST
THREE IN TEN OF TODAY'S
20-YEAR-OLDS WILL BECOME
DISABLED BEFORE AGE 67.
BUT IT'S GOOD TO KNOW THAT IF
THAT HAPPENS, SOCIAL SECURITY
PAYS MONEY TO WORKERS AND THEIR
FAMILIES.
SO IF YOU, OR SOMEONE YOU KNOW,
HAS A MEDICAL CONDITION OR GETS
HURT AND ARE UNABLE TO WORK,
YOU, OR THEY, SHOULD CHECK OUT
OUR WEBSITE, SOCIALSECURITY.GOV,
FOR MORE INFORMATION ON HOW TO
APPLY FOR DISABILITY.
SSI IS A PROGRAM DESIGNED FOR
PEOPLE WHO HAVE DISABILITIES AND
HAVE LIMITED INCOME.
MANY PEOPLE RECEIVE SSI AND MAY
NOT BE ELIGIBLE FOR SOCIAL
SECURITY DISABILITY BECAUSE THEY
MAY NOT HAVE EARNED ENOUGH
CREDITS.
THE MONEY TO PAY SSI COMES FROM
GENERAL TAXES, NOT FROM THE
TAXES PEOPLE PAY INTO THE SOCIAL
SECURITY TRUST FUND.
AND FINALLY, THERE'S RETIREMENT.
ALTHOUGH RETIREMENT IS A LONG
TIME AWAY, YOU SHOULD HAVE AN
IDEA OF HOW WE DETERMINE
RETIREMENT PAYMENTS.
WE CALCULATE YOUR RETIREMENT
PAYMENTS BASED ON THE MONTHLY
AVERAGE OF YOUR HIGHEST 35
EARNINGS YEARS.
THE AMOUNT OF YOUR MONTHLY
PAYMENT WILL DEPEND ON HOW MUCH
MONEY YOU EARNED WHEN YOU WANT
TO START COLLECTING.
CURRENTLY, THE EARLIEST POINT A
WORKER CAN START COLLECTING
SOCIAL SECURITY PAYMENTS IS AT
AGE 62.
SOME PEOPLE DECIDE TO WAIT UNTIL
THEY ARE OLDER.
THE LATER YOU WAIT, THE HIGHER
YOUR MONTHLY PAYMENT WILL BE.
BUT IT'S TOO EARLY FOR YOU TO
THINK ABOUT THAT NOW.
MAYBE YOUR PARENTS OR
GRANDPARENTS ARE READY TO RETIRE
NOW.
IF THEY ARE, TELL THEM TO DO IT
ONLINE.
IT'S MUCH MORE CONVENIENT.
SO AS YOU WORK AND BUILD YOUR
SOCIAL SECURITY CREDITS, WE KEEP
TRACK OF YOUR EARNINGS AND
PROVIDE YOU WITH A SOCIAL
SECURITY STATEMENT TO LET YOU
KNOW WHAT WE HAVE ON RECORD FOR
YOUR WORK.
USUALLY, YOU CAN EXPECT TO START
SEEING YOUR FIRST SOCIAL
SECURITY STATEMENT WHEN YOU ARE
AT LEAST 25 YEARS OLD AND YOU
WORK IN A JOB WHERE YOU PAY
SOCIAL SECURITY TAXES.
MAYBE YOU'VE SEEN YOUR PARENT'S
OR GUARDIAN'S STATEMENT BEFORE.
IT'S A VERY IMPORTANT DOCUMENT.
SO WHEN YOU START GETTING IT,
READ IT AND READ IT CAREFULLY.
FOR THOSE OF YOU WHO ARE
WORKING, EACH YEAR YOUR EMPLOYER
SENDS A COPY OF YOUR W-2, WAGE
AND TAX STATEMENT, TO SOCIAL
SECURITY.
WE COMPARE YOUR NAME AND SOCIAL
SECURITY NUMBER ON THE W-2 WITH
OUR RECORDS.
WHEN WE FIND YOUR NAME AND
NUMBER, WE RECORD YOUR EARNINGS
FROM YOUR W-2 IN YOUR LIFELONG
EARNINGS RECORD.
YOUR LIFELONG EARNINGS RECORD IS
WHAT WE USE TO DETERMINE WHETHER
YOU CAN GET FUTURE PAYMENTS AND
THE AMOUNT OF THOSE PAYMENTS.
NOW, HERE'S THE LAST THING I
WANT TO LEAVE YOU WITH.
SOCIAL SECURITY WAS ONLY MEANT
TO BE A PART OF YOUR INCOME
DURING RETIREMENT.
AT YOUR AGE YOU PROBABLY SPEND
MOST OF YOUR MONEY ON THINGS
LIKE RENT, YOUR CAR, FOOD,
SCHOOL, CLOTHES, MAYBE EVEN
HANGING OUT A LITTLE AND YOU'RE
NOT REALLY THINKING ABOUT
RETIREMENT YET.
MOST FINANCIAL ADVISERS SAY THAT
RETIREES WILL NEED 70 PERCENT OR
MORE OF PRE-RETIREMENT EARNINGS
JUST TO LIVE COMFORTABLY.
HOWEVER, SOCIAL SECURITY MAKES
UP ABOUT 40% OF THOSE EARNINGS
FOR THE AVERAGE WORKER.
SO YOU WILL ALSO NEED SAVINGS
AND INVESTMENTS.
ALTHOUGH WE KNOW IT'S DIFFICULT
FOR YOUNG PEOPLE WHO USUALLY
DON'T HAVE MUCH INCOME TO START
SAVING FOR RETIREMENT, EVEN
SETTING ASIDE A SMALL PORTION OF
EACH PAYCHECK CAN PAY OFF IN BIG
DOLLARS LATER.
IF YOU SET ASIDE JUST $25 A WEEK
AND YOU GET SAY 5 PERCENT ANNUAL
INTEREST ON YOUR SAVINGS, IT
WILL GROW TO ABOUT $165,000 IN
40 YEARS.
ANY AMOUNT OF MONEY YOU CAN
SAVE, EVEN AS LITTLE AS JUST $5
A WEEK, WILL ADD UP OVER TIME.
ONE WAY YOU CAN DO THIS IS
THROUGH YOUR JOB.
ASK YOUR EMPLOYER IF YOU CAN
PARTICIPATE IN A RETIREMENT
SAVINGS PLAN AT WORK.
YOUR EMPLOYER MIGHT EVEN MATCH
YOUR CONTRIBUTIONS TO THE PLAN.
AND IF YOUR EMPLOYER DOESN'T
OFFER A RETIREMENT SAVINGS PLAN,
CHECK WITH THE BANK OR OTHER
FINANCIAL INSTITUTION FOR WAYS
THAT YOU CAN SAVE AND INVEST ON
YOUR OWN.
YOU CAN ALSO CHECK OUT WEBSITES
LIKE "CHOOSETOSAVE.ORG" OR
"MYMONEY.GOV."
EVEN THOUGH RETIREMENT MAY SEEM
LIGHT-YEARS AWAY, THE SOONER YOU
START PLANNING AND SAVING, THE
GREATER YOUR RETIREMENT SAVINGS
WILL BE.
OKAY.
THAT'S ALL WE'RE COVERING FOR
TODAY.
NEXT, WE WANT TO TAKE YOUR
QUESTIONS.
BUT BEFORE WE DO, LET'S RECAP.
WE GAVE YOU A BRIEF OVERVIEW OF
SOCIAL SECURITY AND A GENERAL
CONCEPT OF HOW IT WORKS.
WE EXPLAINED HOW SOCIAL SECURITY
KEEPS TRACK OF YOUR EARNINGS.
WE SHARED WITH YOU THE DIFFERENT
TYPES OF SOCIAL SECURITY
PAYMENTS YOUNG PEOPLE LIKE YOU
MIGHT BE ABLE TO GET THROUGHOUT
YOUR LIFETIME AND HOW YOU MIGHT
QUALIFY FOR THESE PAYMENTS.
AND WE TOOK A LOOK AT THE
IMPORTANT ROLE YOUR SOCIAL
SECURITY EARNINGS STATEMENT
PLAYS IN PLANNING YOUR FINANCIAL
FUTURE.
OKAY.
NOW IT'S TIME TO TAKE YOUR
QUESTIONS.
TO SUBMIT A QUESTION, CLICK ON
THE BUBBLE ICON ABOVE THIS
SCREEN AND FOLLOW THE
DIRECTIONS.
JOINING ME NOW IN THE STUDIO
IS MAYELA GILLETTE FROM THE
SOCIAL SECURITY OFFICE OF OPEN
GOVERNMENT.
MAYELA IS GOING TO MODERATE THE
QUESTION AND ANSWER SEGMENT.
Thanks for joining us, Mayela.
>> I am happy to help out.
>> All right. Before we get to
live questions, we want to thank
you real quick.
All of you have sent in some
terrific questions all
week-long.
We asked if you would send in
questions in advance before the
webinar.
We got a lot of great questions.
Just like we expected for
college students and the younger
workers, the vast majority of
your questions revolved around
whether Social Security will be
there for you when you reach
retirement age.
So real quick, let's go ahead
and address that issue in more
detail.
When it comes to the question
will Social Security be there
for you?
The first thing to remember is
that it is there for you today.
In the form of disability and
survivor's insurance.
And you may need the protection
that Social Security offers well
before you get to retirement age
or if something happens to your
family members who may need
survivors benefits.
But what you really are asking
about is the long term solvency
of the program. Right?
So we received some more pointed
questions about that issue.
Let's take a quick look at few
of them.
We received many different
versions of the question, isn't
Social Security going broke?
It is really important for you
to understand that when people
use the term bankruptcy when
talking about the Social
Security trust funds, it is not
bankruptcy in the same sense as
when a person goes bankrupt.
Let me explain that real quick.
Without any changes to the
program, According to the most
recent Social Security Board of
Trustees report,
Social Security will be able to
pay full benefits until 2037.
Now, after 2037, again without
any changes to the program,
Social Security will still be
able to pay about 75 percent of
scheduled payments.
Now, while 75 percent is not
ideal, the fact is that Social
Security will not be broke nor
will it be insolvent in the way
most of us think of those terms.
75 percent after the year 2037
is not good, but it is not
nothing either.
We do hope Congress takes
action.
Now, you may be wondering how
Social Security can still pay 75
percent of scheduled benefits
after the year 2037.
The reason is simple.
There will be still be millions
and millions and millions of
people working and paying
payroll taxes.
Again, the payroll taxes of
today's workers fund the
benefits of today's retirees.
When today's young workers reach
retirement age, and are ready to
collect benefits, their kids and
grand kids, the workers of
tomorrow will fund their Social
Security benefits.
In reviewing the questions you
sent us through your
registration for this webinar,
We noticed a lot of you asked
what kind of changes need to be
made in order to ensure the
future of Social Security as it
relates to your generation?
Let me address that.
Basically, there are a finite
number of ways to make sure the
Social Security program stays
strong.
They boil down to two
categories.
Either you increase amount of
money coming in the program or
you reduce the amount of money
going out.
Now, to learn more about to get
in the details about it, go to
socialsecurity.gov, and click on
the actuarial resources link.
It is in the "About Our Agency"
section.
Or you can do a quick Internet
search using terms like Social
Security solvency or Social
Security fixes.
There is no shortage of ideas.
Now, many of you asked if law
makers will make the necessary
changes to keep Social Security
going strong.
The fact is, the current
situation is not unique.
Social Security has successfully
adapted to the changing needs of
the American public over the
course of its 75 year history.
So let's go ahead and get
started with your live
questions. That is what we have
been waiting for.
So, again, you can send in your
question through the webinar
page or you can go to
socialsecurity.gov and click on
the Twitter or Facebook icon in
the bottom right-hand corner and
send us your question through
your social media profile. Now
if you want to use Twitter, be
sure to send us your tweet using
hash tag SSA-101.
Don't think you have to stop
tweeting about this when the
webinar ends.
This is the just the beginning
of our conversation with college
students and young workers.
Mayela will be reading some of
the questions you sent to us
when you registered.
She will also be moderating
questions you send them in live.
Okay. Mayela, what is the first
question?
>> We have a question from a
viewer who wants to know I am
widowed, but told I am not able
to collect survivors benefits
because I make more than $14,000
annually.
Why is this?
>> What you want to do is go to
our website socialsecurity.gov
and click on publications link.
I believe it is on the left side
of our web page.
In the publications we have a
brochure, how work effects your
benefits.
Basically, if you are getting
Social Security benefits other
than disability and you are not
full retirement age yet,
Congress sets a limit on how
much you can earn in gross wages
or net profit from self
employment, basically, the two
things we look at and consider
as earned income.
If you go over that, one dollar
is withheld for every two
dollars that you go over.
So that brochure how work
effects your benefits goes into
it in more detail.
You also want to check out
survivors planner or even the
retirement planner at
socialsecurity.gov/planners.
>> Thanks, Brian.
For our next question, we have a
viewer asking about disability.
If my spouse has permanent
disability and passes away,
would our kids still receive
their disability check they are
getting now?
>> That one is a little more
tricky.
Again, we have two different
types of disability.
We have Social Security
disability and we have SSI.
So the requirements for getting
into both of those programs as
well as the different situations
that would stop those checks
vary depending on the program.
The best thing to do at this
point is go in the planners
again.
I keep going back to the
website. That is the best place
to start.
Socialsecurity.gov/planners.
Look at the survivor's planner
as well as the disability
planner.
Or if you just want to go from
our homepage, you can go to the
main socialsecurity.gov page.
At the top, we have several
boxes.
One of them says Social Security
disability and the other one is
for Supplemental Security
Income.
That will take you into much
more detail on that situation.
>> Brian, our next viewer wants
to know if I collect benefits,
is there an earnings limit?
>> Yes.
There is an earnings limit for
most situations.
Now, if you are talking about
retirement, spouses benefits,
survivors, once you get to full
retirement age, the earnings
restrictions disappear.
But if you take early benefits
there are certain limits as far
as how much you can have in
earned income.
Again, that brochure, how work
effect your benefits, talks
about how earnings effect your
Social Security in different
situations.
Now, disability, is a little bit
different.
What you want to do if you
wanted to look into what happens
if you work and get disability
benefits from Social Security,
is look at our work incentives.
If you go to the homepage,
socialsecurity.gov, and type in
the words "red book."
REDBOOK.
That will take you to our guide
for work incentives.
If you are not sure what work
incentives are, they are
programs that we have in place
that as long as you follow the
rules of those program, you
actually get to try to
transition back to work without
losing your benefits during that
interim period.
Those are called work
incentives.
Check out the Red Book if you
are asking about disability.
If it is not disability related,
you can look at how work effects
your benefits.
>> Our next viewer wants to
know, can you explain benefits
for dependents who receive
survivors benefits that are
still in high school and have
attained age 18?
>> Okay. We have specific
information on the website for
children's benefits.
This is a special kind of
children's benefits.
Survivor benefits.
Basically, children's benefits
stop, they terminate, in other
words, the check stops coming
once you turn 18 unless you are
still in high school full time.
If you are still in high school
full time when you turn 18,
those checks keep going until
you graduate high school.
Or turn 19. Whichever happens
first.
Only way for checks to continue
past that point is if you are
disabled.
Go to socialsecurity.gov and
look at the children's benefit
section.
>> Brian, we just got a question
from our Twitter account and it
is from a viewer that wants to
know what are you doing to
improve services for young
people with disabilities?
>> We are really striving to be
a leader when it comes to
accessibility.
We have some features worked
into our website and we have
features in our field office.
You can look up accessibility on
our website socialsecurity.gov
to see exactly what we are
doing, but we definitely strive
to be a leader in that area.
>> Great.
Our next viewer wants to know
how do you report Social
Security disability fraud?
>> Okay.
We have an Office of Inspector
General or OIG.
The website is
socialsecurity.gov/OIG.
When you get to that page, we
have a fraud hotline that you
can send in anonymous tips if
you think someone is getting
benefits. And they shouldn't be
getting benefits.
Anyone can file an anonymous
report to our inspector general.
We take all of those allegations
seriously.
A lot of times we won't know
about it unless you report it.
Definitely, if you know of a
situation, go to
socialsecurity.gov/OIG.
>> This next question, wants to
know, at what age can you start
getting disability payments and
What is the maximum payment you
can receive?
>> Okay.
For SSI, you can really start
receiving at any age, even
children can receive SSI.
Because Supplemental Security
Income, SSI, is not linked to
having worked and paid into the
system.
SSI is funded from general tax
revenue so that all of us pay.
It is basically centered on
whether you have a medical
condition that is considered
disabling and the income and
resources of the household or
the place where you live.
For Social Security disability,
the requirements are different.
As far as the maximum payment
amounts for Social Security
disability, it varies depending
on how much you have earned over
the years.
For SSI they are specific
maximum amounts for individuals
and couples.
Again, you can find that by
going to socialsecurity.gov, and
clicking on the Supplemental
Security Income box at the top
of the page.
>> Our next question wants to
know, if I don't work but marry
someone who does work, can I
collect benefits from that
person?
>> All right.
For this part, again, you want
to go back to the planners.
If you look at the retirement
planner at Social
Security.gov/planners, we have
lots of information in there
about spousal benefits or spouse
benefits.
Another way you can find this
information is go to homepage in
the search box, type the word
spouse.
You will find information about
spouse benefits as well as
divorce spouse benefits and then
that will tie into survivors and
divorce -- surviving divorce
spouse benefits.
There are a lot of different
ways to tap into these programs
based on the fact that you have
a relationship with someone else
who has worked and paid into the
system.
It varies depending on your
individual situation.
>> All right.
We have a question from someone
that wants to know if I am
missing earnings on my
statement, how can I correct my
earnings to get credit for that?
>> All right. If you looked at
your Social Security statement
and you see you are missing
earnings for a year, you know
you made $10,000 and your Social
Security statement shows zero's
for that year, or if you see the
incorrect amount for that
statement for a year, all you
have to do is send us a copy of
the W-2 for that year.
Go to socialsecurity.gov and use
the field office locater and put
in your zip code and it will
give you the mailing address for
your closest office.
We can take a photocopy of the
W-2 to correct your earnings
record.
>> We have a question and --
from a viewer who wants to know
who decides if you are disabled?
Does Social Security have
doctors that decide this?
>> Okay. The way that works is
when you contact Social Security
to apply for disability, which
you can do on line at
socialsecurity.gov or you can do
over the telephone or in the
local office, the Social
Security employee who takes your
information just gets the basic
information about your
situation, information about
your work history, your medical
condition, what kind of
medications you take,
What hospitals or doctors you
have been to.
And they get some medical
release forms from you.
Once we get those medical
release forms, we send your case
to the State.
Each State has an office called
a Disability Determination
Services or DDS.
So we send all of your
information and the medical
release forms to DDS.
That is where the medical
examiners and doctors are
located.
They used the forms to make a
decision on whether or not you
meet Social Security's
definition of disability and
then they let you know what they
decided and they let us at the
local office know what they
decided as well.
>> Our next question, is from
someone who is 24.
They want to know what is the
current full retirement age for
them?
>> All right.
The best and quickest way to
figure this out is to go to
socialsecurity.gov/retirement.
Now there is a box on the
right-hand side that
Is a drop down box.
It will let you pick the year or
range of years you were born in.
Go to
socialsecurity.gov/retirement.
Use that drop down box.
It will take you to specific
information for people born in
the same year as you.
It will give you your full
retirement age as well as
information about what happens
if you take your benefits early
and so forth.
>> Brian, we have a question
from a viewer who would like to
know a little bit more about how
you earn Social Security
credits.
>> Okay.
Every year congress sets a
dollar amount on how much counts
as one credit.
Now, after this is over, again,
this webinar will be uploaded as
a recorded presentation.
You can rewind to the part where
we talked about the credits and
see what it was for this year.
Every year, once you reach that
first amount that counts as one
credit, you get your first
credit for the first year.
You earn that amount again, you
get your second. You can earn up
to four credits per year.
In order to receive retirement
one day down the road when you
have reached that age, you have
to have 40 credits across your
lifetime.
They don't have to be
consecutive or from the same
employer or anything like that.
So we go back to the first job
you ever had when you reach
retirement age.
And we see, do you have 40
credits? It comes down to about
ten years worth of good work.
If you do, you can get
retirement.
>> Great.
For our next question, I am
going to go to some questions we
got earlier this week from some
viewers.
Are there any current programs
that promote financial literacy
among young adults and What is
available beyond Social
Security?
>> All right. The first place
to go to is mymoney.gov.
Mymoney.gov.
That is a website where Social
Security and many other agencies
have collaborated to provide you
with free reliable, unbiased
financial planning information.
Again, Mymoney.gov.
There is also something called
the financial research literacy
consortium. If you go to
socialsecurity.gov, type in
financial research.
You will see the information
about this program that is
actually a collaboration between
Social Security, Boston College,
the University of Wisconsin and
the Ram Corporation. And the
goal there is to provide more
advanced planning information
for the American public at no
cost.
>> While we wait for more live
questions to come in.
I am going to go some other
questions we got earlier this
week.
Here is a good one. Is it
possible to opt out of Social
Security? Some of my friends
say they don't have to pay FICA
taxes?
Does this apply?
>> All right.
This is a question I used to get
a lot when I was a claims rep
and I would have younger workers
come in and ask questions.
There is really no way to opt
out of Social Security.
The way it works in this
country, if you work for wages
you pay Social Security or FICA
taxes.
There are a few exceptions in
that there are some employers
you would pay into a system
other than Social Security.
I will give you an example of my
dad.
He worked for the railroad
retirement -- he worked for the
railroad.
So he instead of paying into the
Social Security he paid in the
railroad retirement board.
Some school teachers pay in a
different system.
We have a separate webinar on
Social Security.
It is
socialsecurity.gov/webinars.
We have a relatively recent one
that directly addresses
employees who work for
institutions or agencies or any
companies where they don't pay
into Social Security.
And how it effects your Social
Security benefits.
>> Okay.
We just got a question from our
Twitter account.
And they want to know, if you --
if you can tell them how to
calculate their retirement
benefits.
>> Yes. There is a website that
I will give you right now.
Socialsecurity.gov/estimator.
We have something called the on
line retirement estimator.
It is real easy to use.
You just log in real quick and
you put in a little bit of your
information.
And it links up behind the
scenes with your true Social
Security earnings statement.
Remember, we use your best 35
years to calculate your benefit.
So if you worked enough to get a
benefit, you will know by
logging in.
You will know because of the
fact that it will tell you so on
your Social Security statement.
When you go into the estimator,
you can put in all different
kinds of scenarios.
What if I make this much money
this year? What if I only make
this much?
What if I get laid off and have
a couple of years with zeros?
You can play around with
different scenarios as far as
future scenarios and it will
give you accurate, relatively
accurate estimates based on the
different scenarios you plug in.
Now, keep in mind to get the
exact accurate information, you
will get that when you actually
apply for benefits with the
Social Security administration.
It will give you some good
estimates.
>> Here is a question we just
got in. As an employer we get
questions from employees
regarding Social Security.
Is there some guidance you can
give us by how to counsel our
employees?
>> Yes, we have a whole section
of our website dedicated to
employers.
It is
socialsecurity.gov/employers.
We also have something called
the business services on line.
We call it the BSO.
You can find that at the top of
our homepage.
Socialsecurity.gov.
We have information for
employers.
Payroll professionals.
Payroll companies. And you can
use that as general guidance for
your employees and how all this
works as far as you reporting
their wages to Social Security.
Then we have information to make
it easier for you to report
these wages to us on line and
verifying Social Security
numbers on line if you are in a
situation where you are eligible
to do so as a company.
>> We have a viewer who would
like to know, what efforts are
made so that limited English
proficient beneficiaries can get
the information that they need?
>> If you look in the top right
corner of our main website,
socialsecurity.gov, you will see
two different links.
One is Espanol.
Our website has been translated
over almost word for word into
Spanish.
You can look at most of the
information just like it is in
English and Spanish.
On the top of the homepage on
the main page there is a link
that says other languages.
We have our publications
available in many different
languages.
I think it is 15 or 16 different
languages.
We also have information
available in Braille, in audio
format.
And that goes back to our viewer
who asked the question about
accessibility.
So we have our information out
there in a variety of ways. We
also offer interpreter services.
You can find more about that on
the section you get to in the
top right corner.
That is called our multi
language gateway.
We have information in the
variety of formats for people to
get information about their
Social Security.
>> We have a viewer who wants to
know, what can a 20 or 30
something person do on line?
>> The best thing you can do on
line in my opinion if you are 20
or 30 years old is research.
We have tons of information on
there for you to start planning
now.
You hear it all the time it is
never too early to start
thinking about retirement.
It really isn't never too early.
We have got lots of information
on there for you to go in there
now and figure out how these
programs work.
Figure out the actuarial pages
say as far as the future of
Social Security.
And really becoming more an
educated citizen.
And then you can compare that
with information you find on
line and from different
financial professionals.
CPA's, financial advisers, you
will make yourself a more
informed consumer by knowing how
Social Security will impact you
in coordination with things you
do to supplement your Social
Security.
>> We have another viewer who
would like to know can a child
who is disabled file for
benefits?
>> A parent can apply for
benefits for a child and if that
child were to be approved let's
say for SSI, there are rules in
place that prevent a minor from
being able to get a payment from
Social Security.
So we would set up a parent or
guardian.
If there is no parent or
guardian available, we would
find someone else in the child's
Circle who would be able to help
with the finances.
We do accounting every year to
make sure the money is being
spent for that child or
beneficiary in their best
interest.
You can find out more
information about that on our
representative payee page.
Link for that is
socialsecurity.gov/payee.
>> Okay.
While we wait for some more live
questions to come in,
I am going to address a question
we got earlier this week.
When I retire how long before I
get paid by Social Security?
>> The way it works is you have
to be living and eligible for a
Social Security benefit
throughout the entire month and
then it is paid to you the
following month.
So social Security benefits are
always paid one month behind.
So the check you get, the direct
deposit you get is your payment
for the previous month.
>> Okay.
We just got some more questions.
If I become impaired, can
someone help manage my benefits?
>> Yes.
You probably sent that in
As I was discussing payee
system.
We have a representative payee
program.
That is Social
Security.gov/payee.
There are certain situations
where we are required to
establish a payee for someone.
Other situations where it is
more of a judgment call. So
we'll work with you and people
in your circle to figure out
what the best scenario is for
you as far as
Whether or not you need a payee.
We do have a system in place.
Social Security does not
recognize a power of attorney.
We get a lot of questions about
that.
That is why we have this
separate program where we
establish people to be a
representative payee which
entitles them to have handle a
Social Security payment on
behalf of someone else.
>> We have a question from a
viewer who wants to know is
there a maximum amount of
credits that can be earned in a
lifetime?
>> Once you earn 40 credits, you
are good to go.
I mean, it doesn't matter how
many you have earned beyond
that.
Once you have earned your 40
credits, that means you are
eligible for retirement.
Keep in mind, we use your best
35 years when we calculate the
benefits.
And if you have 40 credits, but
you don't have 35 years,
Zero's go in the calculations
for any years you are missing.
So the reason I address that is
sometimes people ask, is it
possible to work for about ten
years and get those 40 credits
and stop working and not work
another day until 62, would I
still get a retirement benefit?
Answer is yes.
In that scenario Social Security
by law still has to use 35 years
by calculation.
You have a lot of zero's
averaged in there.
It is average of your best 35
years.
You wouldn't receive as high as
benefit as you would if you
worked for the full 35 years.
>> Okay.
Along those lines, we just got
this question from our Twitter
account.
Is there a standard amount based
on your number of credits in age
or is the benefit amount based
on my salary?
>> What you want to do is go to
our benefit calculators.
Now, we have detailed
information about how we
calculate your benefit.
We also have a fact sheet
directly related to this.
That addresses on one page front
and back how we calculate your
Social Security retirement
benefit.
So to find that, you go to the
homepage, socialsecurity.gov,
click on publications and then
scroll down to the retirement
section.
You see how we calculate it.
Basically, we look at all the
earnings that you have had over
the course of your career.
We index your earnings.
We take the best 35 years out.
We average it to see what your
monthly average would be.
And then it goes into a formula
that Congress sets every year.
So the easiest way to figure out
is use on line retirement
estimator.
It does all of that for you
behind the scenes.
If you want to do that on pen
and paper, make sure that our
numbers are correct,
You are welcome to use the fact
sheet and talks about how we
calculated it and do it by
yourself.
>> Another question we got from
Twitter, what advice do you have
for college students today to
start planning for retirement
now?
How do Social Security
retirement benefit factors in my
post retirement?
>> All right.
So when you are watching this as
a recorded presentation later,
you are sharing it with your
friends, your family, you will
want to pay attention to the
part where we talked about how
Social Security for the average
worker in America
Replaces about 40 percent of
your preretirement earnings.
So that is how it factors in to
your future financial planning.
You know on average Social
Security replaces about 40
percent.
That 60 percent needs to come
from somewhere else.
Somewhere else would be from
your savings, your investments,
your pension, if you have one,
And any other income strings you
have when you retire.
As far as the planning, again
you want to go to
socialsecurity.gov/planners, and
use our planner.
And also go to my money.gov to
see information that we put
together with other agencies and
you definitely want to do your
own research.
Talk to a financial Adviser,
CPA, and do your own Internet
research and then you have to
put all of that together and see
what makes the most sense to you
for your situation and your
family's situation.
>> We have a question from a
viewer who wants to know is
there any information available
for windfall elimination and
government pension offset for
public employees?
>> Yes, we have tons of
information on that on our
website. The actual URL's for
that would be
Socialsecurity.gov/WEP or
Social Security.gov/GPO.
Keep in mind, we have a webinar
that addresses that if you want
to watch a presentation like
this and instead of browsing the
website.
And reading about it you can
watch a presentation, go to
socialsecurity.gov/webinars and
scroll down to the part that
talks about public employees and
the windfall elimination
provision or we call it WEP.
>> We have a viewer who would
like to know if you are able to
work but not full time due to
disability, can you still
receive disability?
>> For this question, I am going
to refer you back to the red
book.
If you missed that part of the
broadcast, what you want to do
is you go to socialsecurity.gov
and on the homepage, find the
search box at the top and just
type in the phrase red book.
That will take you to the
information about Social
Security's work incentives.
And again work incentives are
programs that allow you to try
to transition you back to work
while hanging on to your
benefits.
If you are able to transition
back into the work force and go
full time and make a lot more
money you would get from Social
Security, eventually your Social
Security benefits would stop.
If you try and transition back
and you are working within the
work incentives program and you
are not able to continue because
of your disability, you haven't
lost anything because you still
have got your benefits.
>> Okay. We have another
question about disability.
If someone was just awarded
disability benefits and has kids
how do you figure out how much
they will receive?
>> All right.
When we calculate benefits for
Social Security, we are basing
everything around what we call
your Primary insurance amount.
That is how much you would get
if you reached full retirement
age.
Now, depending on the type of
benefit that your dependents
would receive, it varies as far
as we calculate how much their
check would be.
It also depends on how many
dependents you have.
There is a maximum that any
family can receive in Social
Security benefits based on one
worker's earnings.
Again, what you want to do is go
to website and look up the part
on children's benefits.
Type that in the search box and
it should take you to it.
We also have publications that
address that issue.
>> Here is a question about
seniors.
So for maybe anyone watching who
has grandparents or knows a
neighbor who can benefit from
this.
They want to know how can they
get access to Social Security
information if they don't have
access to a computer?
>> We are not forcing anybody to
go on line.
We have put a lot of information
on our website in a very easy to
use format just to make it
accessible to you if that is the
way you want to do business with
Social Security.
If you don't have Internet
access or a parent or
grandparent doesn't use the web,
that is why we still have tons
of publications available.
You can get them by calling the
national 800 number, that
1-800-772-1213.
You can call from 7 in the
morning to 7 at night. The best
way you can get a parent or
grandparent a publication, go
yourself on Social Security's
website, socialsecurity.gov,
click on publication on the left
side and find the publication
that relate to them.
You have the option of printing
it out from your computer.
But if you want the actual hard
copy they can sit down on the
couch and flip through like a
book or read a fact sheet front
and back. That's how they prefer
to read it.
Then you can call our 1-800
number and request it.
Request publications through our
website for them and have it
sent to their address.
That is also on the publications
page.
You can find information about
how to contact our warehouse.
>> While we wait for more
questions to come in, I am going
to go to a question we got
earlier this week.
My wife recently passed away
leaving a financial burden.
How can I as a widower possibly
recover some of her Social
Security benefits?
>> First, I am very sorry for
your loss.
I can't even imagine.
When I was a claims rep for
about four years, I talked with
a lot of people in your
situation.
The first thing to do is to
educate yourself about what kind
of benefits are available.
You go to
socialsecurity.gov/planners.
Look at survivor's planner.
Click on survivors at the top at
the page.
If you look at What is out there
and you think there is any
chance that you might be
eligible for these benefits, lie
we have one program called lump
sum death benefit.
We have monthly survivor
benefits which go to widow or
widower.
Call us 1-800-772-1213 and
schedule an appointment to talk
with a social security
representative.
Even if there is any chance to
be available, you want to go
ahead and contact us so we can
talk to you about it.
And walk you through the process
and make it as painless as
possible for you.
And get you the benefits you are
eligible for if you are.
>> Thanks, Brian.
We had another question coming
in.
They want to know if their card
was stolen, what can they do to
prevent identity theft in the
future?
>> We have a brochure about
that.
It is called identity theft and
your Social Security number.
If you go to socialsecurity.gov,
click on publications, scroll
down until you get to that form.
If you feel like -- if you feel
like you have been a victim of
identity theft, you will want to
contact the Federal Trade
Commission. That is the agency
that handles ID theft.
Not social security. The things
you want to check on the Social
Security side are first, look at
your Social Security statement
As it comes and make sure that
the earnings on there are your
earnings.
Sometimes that is how people
determine that somebody else is
using their number.
If you know you made $10,000
this year and your Social
Security statement says you made
thirty, there is a chance that
somebody else's W-2 is on your
statement.
Maybe it is an error in tax
return.
Maybe it is something else who
gave that number to your
employer to get a job.
So you want to check your Social
Security statement.
Of course, we'll check your
Social Security record for you
and make sure nobody has applied
for benefits using your
information in a fraudulent
manner.
That goes back to our Office of
Inspector General.
>> We just got another question
in. Do all federal employees
pay into Social Security?
>> It depends on when they
started.
There is still some federal
employees who are under the what
we call the old system or civil
service retirement systems,
CSRS.
Then as of a certain date, I
don't want to tell you wrong,
but as a certain date, all
federal employees who are hired,
were put under the federal
employee retirement system or
FERS.
That is what I am under. I pay
into Social Security not the
civil service retirement system.
Kind of what I was talking about
with the railroad.
Where some of the employees that
started before I did pay into a
different system.
All new employees that I am
aware of pay into Social
Security.
We have FICA taxes come out of
our paychecks.
So if you are thinking about
applying for a federal job, we
have got information about jobs
with social security, different
career paths with our agency at
socialsecurity.gov/careers.
And for vacancy announcements
from all federal agencies, you
go to www.USA jobs.com.
>> I am going to go to another
question while we wait for
questions to come in.
Here is one that says
Since I started working as a
young age, will I get a decent
amount as Social Security
benefit?
>> DECENT is kind of relative.
Keep in mind we are going to use
your best 35 years of work. The
higher your earnings over those
35 years, higher your Social
Security benefit will be.
Again, the maximum benefit for
people retiring right now at
full retirement age is little
over $2,000.
For people retiring at full
retirement age in 2011 if they
had maximum earnings throughout
those 35 years, their monthly
check would be $2,366.
Again, that is if they are
applying for retirement in 2011
and their full retirement age is
66.
And they are reaching that this
year.
A little over $2,000 right now
if you had very high earnings
over your career.
>> Great. We'll go to more
questions we got earlier this
week.
Can a minor child getting Social
Security continue receiving a
check if he goes to college?
>> No.
Social Security doesn't pay
children's benefits to students
who are 18 or older and in
college.
Again, the children's benefits
stop at age 18 unless you are
still a full time high school
student or secondary or
elementary school student when
you turn 18.
In that case, we can -- as long
as we get the proper paperwork
from you which we'll explain to
you.
We can continue the checks up
until 19 or you graduate.
Only way to continue the checks
beyond that, they are checks
based on one of your parent's
earnings, only way we can
continue your payments after 19
is if you are disabled.
>> We have a question from
someone who wants to know more
about disability.
If I receive Social Security
disability but continue to work,
will my benefit increase?
>> There is a kind of two sides
to that issue.
First, is make sure if you are
working, you are working within
the work incentives program, so
that you are able to hang on to
your benefits to see while you
see if it works out.
If you continue workings and
paying into the system, yes,
Your payment may increase.
Same thing goes to retirement.
I get this question when talking
with individuals about
retirement.
If you come to us and apply for
benefits we are going to use
your best 35 years at that
point.
But if you keep working which
you can.
Each year that you continue to
work, when that new amount from
your W-2 or from your tax return
if you are self employed or that
new net profit amount, when it
comes over and shows up on your
Social Security statement, your
social security record, we'll go
to look at the 35 years we were
using.
If new amount is higher than the
lowest of the 35 years we were
using, we are going to drop off
the lowest year, and add in the
new year and calculate your
benefits.
Yes, if you keep working after
you start getting benefits, you
can gradually increase your
payment overtime.
>> Okay, Brian. We have time
for just a few more questions
today.
I am going to get to some that
came in.
Here is someone who wants to
know, will this webinar be
available for future viewing?
>> Yes. If you want to book
mark the main page for our
webinars.
It is
socialsecurity.gov/webinars.
We have several on there. This
is our 9th if I am not mistaken.
we plan to do a lot more.
We plan to hear from you by
clicking the button to send in a
question to this webinar or by
contacting us through our
Twitter profile at Social
Security or just sending a TWEET
out with hash tag SSA101 or
contacting us on Facebook page.
Go to Facebook page and
socialsecurity.gov find Facebook
icon and you can post a question
to us on Facebook.
Let us know what you are
interested in.
The more people you get together
from your friends, from your
school, I know we have got a lot
of different universities
watching today.
The more people we see have an
interest in an issue, the more
likely we are going to do
webinar on it.
>> We just got a question about
earnings statement. One of them
wants to know can I request a
detailed earnings record?
>> Yes, if you don't have a copy
of your Social Security
statement,
You can go to our website
socialsecurity.gov or you can
call our 800 number. Again,
1-800-772-1213 and get a
replacement copy of your Social
Security statement.
Now, if you want real intricate
details about what you -- where
the money came from each year
that is on your Social Security
statement, we do have
information on our website about
how you can request that.
The further you go back, the --
I believe there is a fee for it.
But I don't want to tell you
wrong.
We do have information on our
website about how to get
detailed records of your
earnings statements if you need
that for some, some other use.
>> Brian, can a person request
an earnings statement on line?
>> Yes.
Again, you can go to
socialsecurity.gov and request
the statement directly on line.
It is not going to show up on
your website.
On your computer monitor or
screen.
It is going to come to you in
the mail.
But you can request it on line
or through our 800 number and
you can get a copy in the mail.
>> User on Twitter wants to
know.
If I have attained retirement
age and have 40 credits, but
haven't worked recently.
Am I still eligible for
disability?
If I understood that question,
is it possible to be eligible
for retirement and disability?
The way it works, a lot of
people don't realize this, you
can actually file application
for retirement and disability at
the same time. Now this isn't
applying to a lot of the
students we have on line.
But if you are asking for a
parent or grandparent.
It is possible to apply for
retirement and disability at the
same time if you are retirement
age.
Will it happen -- what will
happen, you will go ahead and
receive your retirement benefit
while that State agency I
mentioned, DDS, Disability
Determination Services is
sending out those medical
release forms and getting your
records in so they can make
disability decision.
If they determine that you are
eligible for disability, and you
already getting retirement,
early retirement, so you took
the retirement, of course, would
have to start before full
retirement age. If they say you
are approved for disability,
your payment amount would go up
to the disability amount.
If they say you are denied, you
haven't lost anything because
you would stay on retirement.
>> While we wait for a couple
more minutes for any other
questions we have come in.
Here is one we want to make sure
we are clear on.
An individual earlier this week
asks, is it true that retirement
benefits age to start your
benefits is 62?
>> Yes.
It doesn't matter when you were
born.
If you want to take early
retirement benefits, that age is
still 62 for everyone.
Now, what you may be thinking
about is the full retirement age
for Social Security.
Which is the point where if you
wait until then to apply, you
get your full one hundred
percent unreduced retirement
check.
Again, for you that is somewhere
between 65 and 67 depending on
when you were born.
The link for that again is
socialsecurity.gov/retirement.
Just find that drop down box and
click on the year or range of
years you were born on in.
It will tell you what your full
retirement age is. If you think
about what we told you in the
webinar for every month you take
it early, it is reduced little
bit.
Every month you wait it goes up
a little bit.
You have a decision to make
based on current law the way it
works, it will apply anywhere
from 62 to 70.
The earlier you take it, of
course the lower the benefit.
The later you wait, the higher
the benefit.
>> For our last question, we
have a viewer who wants to know,
if their parent dies are they
eligible for benefits from
Social Security?
>> We would really need to know
how old you are to answer that
question.
Survivor benefits for Social
Security they are a form -- what
we are talking about in this
scenario, they are a form of
children's benefits.
So if a parent passes away, if
your parent was, one of your
parents was to pass away and you
were under age 18, yes, there is
a good chance you would get a
benefit from Social Security
based on how much your mom or
dad paid into the system over
their working years.
If you're over 18 and you are
not in high school anymore and
you are not disabled, then there
wouldn't be any Social Security
children's benefits that would
be able -- that would be paid to
you as a survivor.
But again what you want to do,
go to socialsecurity.gov, and
click on the survivors link at
the top of the page or go to
socialsecurity.gov/planners, and
we do have a survivors planner
there which will give you
probably exactly what you are
looking for.
>> And for our very last
question we have, can Social
Security benefits be taxed?
>> I knew we wouldn't get out of
this presentation without a tax
question.
That actually goes more to the
IRS.
That falls under their
jurisdiction.
We do have some basic tax
information on our website.
If you go to our frequently
asked questions at the link
Socialsecurity.gov/ask, if you
have a question, just ask.
If you go to
socialsecurity.gov/ask and just
type in the word taxes.
You will get information on
that.
And if you go to the main page
and go to the search box, just
type in the word taxes, and that
will take you to the tax part of
the retirement planner.
All right.
So thank you so much for
watching.
We really hope you found this
information helpful and we hope
you realize there is something
for you at Social Security.
Please share this information
with your friends and family and
let them know that we are also
on Twitter, Facebook, and
Youtube.
And you can also visit our open
government at
socialsecurity.gov/open.
For more information in future
dialogues.
And we want to let you know that
open government doesn't mean
data sharing.
It is about telling you what
your government does on your
behalf and it is about hearing
from you.
So you can tell us what you
want.
Open government will only
survive if you engage.
We need to hear from you.
This webinar is really just the
beginning.
This is not a broadcast.
This is engagement. So if you
have an opinion, make your voice
heard.
Contact us through our social
media profiles and please take a
minute to fill out our short
survey.
We look forward to more
conversations with you.
For the Social Security
administration, I am Brian
Simpson.
Thanks for checking out this
webinar.